Appointment of Chief Financial Officer

Canada Rare Earth Corporation ("Canada Rare Earth" or the "Company") (TSX.V: LL) is pleased to announce the appointment of Mr. Salil Dhaumya as Chief Financial Officer of the Company.

Salil Dhaumya has more than 20 years of experience providing services to Canadian and US listed companies with international subsidiaries and private companies in the areas of finance, administration and public accounting. He was Controller and General Manager of Aquilini Investment Group, business controller for Heli-One, a subsidiary of CHC Helicopter Corporation and the Chief Financial Officer for Pan American Goldfields. Currently, he is also the Chief Financial Officer for War Eagle Mining Company, a TSX-V listed resource company. Mr. Dhaumya earned a Bachelor of Commerce Degree from Panjab University, India with honors in cost accounting. He is a certified management accountant, a designation obtained in British Columbia, Canada

Tracy A. Moore, CEO and President explained, “Salil has many years of CFO and controllership experience with publicly traded and reporting companies in a variety of industries. He has also helped Canada Rare Earth with financial modelling of prospective refinery projects so he has excellent credentials to help lead our Company forward.”

We would like to thank Evan Asselstine and Matt Witiluk for their much appreciated past services as chief financial officer and controller, respectively. Both gentlemen have agreed to be available to Canada Rare Earth throughout 2015 on an advisory basis.

ABOUT CANADA RARE EARTH CORP:

Canada Rare Earth Corp. is developing a vertically integrated business within the global rare earth industry by focusing on establishing rare earth separation refineries. This initiative is undertaken in conjunction with CEC Rare Earth Corporation, which has access to personnel experienced with designing, building and operating rare earth separation refineries. Additionally, the Company has several exploration properties exhibiting multi element potential including rare earths. Information concerning the Company is contained in documents filed by the Company with securities regulators, available under the Company's profile at www.sedar.com. For more information, please visit the Canada Rare Earth Corporation web site at www.canadarareearth.com.

ON BEHALF OF THE BOARD OF DIRECTORS OF CANADA RARE EARTH CORP.:

Tracy A. Moore, CEO & President

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward Looking Statements

The information contained herein contains "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements." Forward- looking statements reflect the current view of the Company with respect to risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward- looking statements and information. These forward looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances.

For more information on the Company, Investors should review the Company's filings that are available at www.sedar.com.